Silence to strategy: The power of advice for family finances

Money is personal. It’s emotional. And for many families it’s hard to talk about. Financial advisers have a unique opportunity, and responsibility, to help families open up, plan ahead, and build financial confidence across generations.

The conversation gap

Whether it’s parents unsure how to talk to their children about inheritance, or adult children concerned about their parents’ retirement plans, important decisions can be delayed or avoided all together.

This can lead to:

• Missed opportunities for tax-efficient planning
• Unclear expectations around inheritance
• Emotional stress during life transitions like illness or bereavement

These aren’t just financial decisions, they’re emotional ones. And they require a level of trust and empathy that goes far beyond spreadsheets.

What families gain when they talk about money

Financial conversations with family members, while sometimes uncomfortable at first, should lead to stronger relationships, better financial outcomes, more informed decision making and greater peace of mind.

Talking openly about finances will foster trust and mutual respect; children are likely to feel better prepared for future responsibilities, while parents should feel reassured their wishes are understood. And, a lasting benefit will be the financial literacy and confidence passed on to younger family members.

By being transparent about financial goals and time horizons, family members can begin to explore more coordinated investment strategies. This might include early gifting to take advantage of annual exemptions, aligning portfolios around shared objectives such as education funding or retirement income, or leveraging platform features like family linking to consolidate assets.

These approaches not only foster a sense of collective purpose, they can also unlock practical advantages. By investing with a unified strategy, families may benefit from reduced platform fees, more efficient use of tax allowances, and a simplified approach to managing wealth across generations.

In short, when everyone is aligned, the family’s collective wealth isn’t just preserved, it’s optimised.

Please remember the value of any investment can go down as well as up so your client might not get back the amount they put in.

Helping families talk about money

Financial advisers should feel empowered to help families move from silence to strategy and show that advice isn’t just about managing money. It’s about connecting people, building trust, and creating clarity. Proactive planning creates a framework for acting quickly, supporting one another, and preserving long-term financial stability when it matters most.

To support this role, advisers can use the following approaches: